Legal Question in Real Estate Law in New York
I currently own a rental building (5 stories, 2 1-bedroom apartments per story = 10 1-bedroom apartments currently). The current income is okay, however, I am not ready to sell the building but want more income to invest elsewhere.
I'm thinking about ripping apart the bottom two floors and making them newly renovated condos to sell (2 floors x 2 1-bedroom apartments = 4 apartments). If I want to maintain ownership of the building, how can I still sell condominium units? Is this possible?
Thank you.
1 Answer from Attorneys
It is possible, you would need to properly convert the building and have an offering plan drawn up. We have substantial experience handling matters such as, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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